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© 2026. Zai Lab. All Rights Reserved.NASDAQ:ZLAB | HKEX:9688 Third Quarter 2026 Financial Results and Recent Corporate Updates
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Forward-Looking Statements This presentation contains forward-looking statements, including statements relating to our strategy and plans; potential of and expectations for our business, commercial products, and pipeline programs; our goals, objectives, and priorities and our expectations under our growth strategy (including our expectations regarding our commercial products and launches, and clinical stage products); the peak sales potential of our programs; capital allocation; clinical development programs and related clinical trials; expected timing and results of clinical trial data, data readouts, and presentations; risks and uncertainties associated with drug development, commercialization and outreach; regulatory discussions, submissions, filings, and approvals and the timing and scope thereof; the potential benefits, safety, and efficacy of our products and product candidates and those of our collaboration partners; the anticipated benefits and potential of investments, collaborations, and business development activities; the potential market opportunities of, and estimated addressable markets for, our drug candidates; our future financial and operating results; and financial guidance. All statements, other than statements of historical fact, included in this presentation are forward-looking statements, and can be identified by words such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “plan,” “possible,” “potential,” “target,” “will,” “would,” and other similar expressions. Such statements constitute forward-looking statements within the meaning of U.S. federal securities laws. Forward-looking statements are not guarantees or assurances of future performance because there are inherent difficulties in predicting future results. Forward-looking statements are based on our expectations and assumptions as of the date of this presentation and are subject to inherent uncertainties, risks, and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. We may not actually achieve the plans, carry out the intentions, or meet the expectations or projections described in our forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including but not limited to (1) our ability to successfully commercialize and generate revenue from our approved products, (2) our ability to obtain funding for our operations and business initiatives, (3) the results of clinical and pre-clinical development of our product candidates, (4) the content and timing of decisions made by the relevant regulatory authorities regarding regulatory approvals of our product candidates, (5) risks related to doing business in China, and (6) other factors discussed in our most recent annual and quarterly reports and other reports we have filed with the U.S. Securities and Exchange Commission (SEC). We anticipate that subsequent events and developments will cause our expectations and assumptions to change, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. Throughout this presentation, we use certain acronyms and terms that are defined in the Glossary. The trademarks and registered trademarks appearing in this presentation are the property of their respective holders. 2
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3Q’26: Advancing Global Innovation and Building Momentum for 2027 Abbreviations: small cell lung cancer (SCLC), neuroendocrine carcinomas (NEC), not reached (NR), treatment related adverse ev ents (TRAEs), follow up (f/u), Biologics License Application (BLA), private investment in public equity (PIPE), atopic dermatitis (AD), mechanism of action (MOA). Notes: (1) The private placement closed on October 27, 2026, and the Company received gross proceeds of approximately $250 million, resu lting in net proceeds to the Company of approximately $241 million after deducting placement agent fees and other expenses ; (2) as of September 30, 2026; excludes subsequent PIPE proceeds. GLOBAL PIPELINE PROGRESS COMMERCIAL & FINANCE Zoci (DLL 3 ADC ): Potential backbone ADC for SCLC & NEC 81.8% cORR 81.9% 6-mon PFS 9.1% Grade ≥3 TRAEs • 3 global pivotal studies underway by YE’26 • 2 registrational readouts and first U.S. BLA submission in 2027 Zoci 1.6 mg/kg + atezolizumab in 1L SCLC: ZL-1503 (IL13/IL31Rα): Dual MOA & long -acting for AD and more +2% QOQ NET PRODUCT REVENUE GROWTH Continued focus on highest-priority brands and positioned to return to revenue growth in 2027 $250M PIPE FINANCING 1 $659.7M QUARTER -END CASH POSITION 2 Fund the global development of zoci while maintaining operating discipline Strong pipeline execution, improving commercial momentum and enhanced financial flexibility position Zai Lab for a catalyst-rich 2027 NR mPFS (n=15, median f/u of 10 mo) $107.6M 3Q’26 NET PRODUCT REVENUE Strengthening foundation Enhanced financial flexibility • Advancing toward key data readouts: first-in- human data at 2026 ACAAI and AD patient data in 1H’27 • Completed enrollment for the global Phase 1 IV-to-SC bridging study
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A Broadening Global Oncology and Immunology Pipeline 4 Note: (1) Amgen sponsors and leads global Phase 1b study; Zai Lab supplies study drug. (2) BI sponsors and leads global Phase 1b/2 study; Zai Lab supplies study drug. Programs (Target) Indication IND- enabling Ph 1 PoC Reg/ Ph 3 Status / Next Update Zoci (DLL3 ADC) Zoci 2L+ SCLC ● Data (interim analysis) 2H’27 Zoci + PD-(L)1 1L SCLC ● Data presented at ESMO; Phase 3 initiation by end of year Zoci + tarlatamab (TCE)1 ± PD-L1 1L+ SCLC ● Phase 1b ongoing Zoci + obrixtamig (TCE)2 ± PD-L1 SCLC & epNEC ● Phase 1b/2 initiating in 2H’26 Zoci epNEC ● Data (registrational study) 1H’27 ZL-6201 (LRRC15 ADC) ZL-6201 Sarcoma and others ● Data (PoC) 1H’27 ZL-1222 (PD-1/IL-12) ZL-1222 Solid tumors ● Phase 1 initiating in 2027 ZL-1311 (MUC17/CD3 TCE) ZL-1311 Solid tumors ● Phase 1 initiating in 1H’27 ZL-6202 (undisclosed) ZL-6202 Solid tumors Candidate selection ZL-1223 (undisclosed) ZL-1223 Solid tumors Candidate selection ZL-1503 (IL13/IL31Rα) ZL-1503 Mod-to-Sev AD ● Data (SAD, healthy volunteers) Nov’26 Data (MAD, atopic dermatitis) 1H’27 ZL-1505 (undisclosed) ZL-1505 Immunology diseases Candidate selection OncologyImmunology Amgen Global pipeline
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Zoci: 1L SCLC Combo data A Steady Cadence of Data Readouts and Regulatory Submissions 3 Pivotal Trials by YE’26 for zoci 1H 2027 2H 2027 2028+4Q’26 TODAY YE’26 ZL-1503 SAD data in healthy volunteers 2L+ SCLC 1L SCLC 2L+ epNEC Zoci: Potential first BLA submission Zoci: 2L epNEC Registrational topline data ZL-1503: AD MAD data in AD Abbreviations: single ascending dose (SAD), multiple ascending dose (MAD), atopic dermatitis (AD), small cell lung cancer (SC LC), extrapulmonary neuroendocrine carcinomas (ep -NEC), proof of concept (POC), Biologics License Application (BLA). Potential Global Approvals Zoci in 2L+ SCLC Zoci in 2L+ epNEC Zoci (+ IO) in 1L SCLC Zoci (+ TCE + IO) in 1L SCLC ZL-1503 in AD 5 Zoci: 2L+ SCLC Registrational topline data ZL-6201: sarcoma POC data Global pipeline Advancing toward bringing our first internally developed innovative medicines to patients globally
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Zoci Monotherapy in 2L+ SCLC: Delivering High, Durable Responses With a Strong Safety Profile Zocilurtatug pelitecan 6 68% High response rates ORR in 2L SCLC with 1.6 mg/kg¹ 6.1 mo Durable responses Median DoR in 2L+ across all doses¹ 62.5% Robust activity in brain Confirmed intracranial ORR, including 25% CR² Potential best-in-class safety Grade ≥3 TRAEs in 2L+ SCLC, % of patients (cross-trial) 13% 27% 35% 37% 46% 48% 49% 61% Zoci (1.6 mg/kg) Tarlatamab QLC5508 I-DXd Tam-Peli IDE849 ABBV-706 Ris-Rez Zoci (1.6 mg/kg) 1 3 4 5 6 7 8 9 Abbreviations: objective response rate (ORR), complete response (CR), duration of response (DOR), treatment -related adverse even ts (TRAEs), small cell lung cancer (SCLC). Sources: (1) Rocha, Pedro. AACR -NCI-EORTC 2025; (2) Rocha, Pedro. AACR 2026. Abstract 10362; (3) Giannis Mountzios, M.D., Ph.D., NEJM 2025 (DeLLphi -304); (4) Caicun Zhou. WCLC 2025. Grade ≥3 TRAEs for selected go-forward dose of 2.0mg/kg. (5) Myung-Ju Ahn. WCLC 2025 (IDeate -Lung01); (6) Li Zhang. WCLC 2026 (TAISHAN -302); (7) Linlin Wang. WCLC 2025; (8) Lauren A. Byers, WCLC 2025. Grade ≥3 TRAEs for selected go -forward dose of 1.8mg/kg. (9) J. Wang. WCLC 2026 (ARTEMIS -008) Global registrational Phase 3 DLLEVATE study ongoing, with a potential interim analysis in the second half of 2027, followed by a subsequent U.S. accelerated approval submission GL OB A L PH A SE 1 STU D Y
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Zoci + I/O in 1L SCLC: Rapid, Deep Tumor Reduction with Emerging Durability 7 Zocilurtatug pelitecan 6-month PFS rate81.9% All 33 patients on 1.6 mg/kg doublet In the first 15 patients of 1.6mg/kg doublet in 1L with median follow-up of 10 months 66.7% Have not yet experienced disease progression or death at DCO Median PFS NR Confirmed ORR81.8% Target Tumor Reduction per RECIST v1.1 by Investigator Assessment Durable Tumor Reduction Observed in Doublet Cohorts - 110 -100 -90 -80 -70 -60 -50 -40 -30 -20 -10 0 10 20 30 40 50 → →→ * →→ →→→ → * * →→→→→→→→→→→→→→→→→→→→ → →* * Best Percentage Change from Baseline in the Sum of the Diameters of Target Lesion (%) * * * Percentage Change from Baseline in the Sum of the Diameters of Target Lesion (%) Months after Treatment Initiation BOR per RECIST v1.1 Confirmed PR SD PD Zoci 1.2 mg/kg + Atezolizumab (n=10） → Treatment Ongoing Zoci 1.6 mg/kg + Atezolizumab (n=31） * Brain Metastatic Overall Response per RECISTv1.1 PR SD PD Zoci 1.2 mg/kg + Atezolizumab (n=10） → Treatment Ongoing Zoci 1.6 mg/kg + Atezolizumab (n=31） Source: Zhao, Jun. ESMO 2026 Poster. Data cut-off (DCO) is Sep 9, 2026. Abbreviations: objective response rate (ORR), progression free survival (PFS), data cut -off (DCO), not reached (NR), immunothera py (I/O), small cell lung cancer (SCLC).
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Zoci + I/O in 1L SCLC: Best-in-class Safety Profile Amenable to Combination Treatment 8 Zocilurtatug pelitecan Abbreviations: adverse events (AE), interstitial lung disease (ILD). Source: Zhao, Jun. ESMO 2026 Poster. Data cut-off (DCO) is Sep 9, 2026. Notes: * As dose expansion of Zoci + atezolizumab was ongoing at the data cutoff, safety data remain preliminary and subject to ongoing data cleaning. (1) Drug interruption includes infusion interruption or treatment delay compared with the scheduled date due to AE. AEs, n (%) Zoci 1.2 mg/kg + Atezolizumab (N=10) Zoci 1.6 mg/kg + Atezolizumab (N=33) Total (N=43) Any 10 (100) 32 (97.0) 42 (97.7) Related to Zoci 10 (100) 31 (93.9) 41 (95.3) Serious 4 (40.0) 6 (18.2) 10 (23.3) Related to Zoci 2 (20.0) 3 (9.1) 5 (11.6) Grade ≥ 3 5 (50.0) 7 (21.2) 12 (27.9) Related to Zoci 4 (40.0) 3 (9.1) 7 (16.3) Leading to Zoci Drug Interruption1 5 (50.0) 9 (27.3) 14 (32.6) Related to Zoci 4 (40.0) 5 (15.2) 9 (20.9) Leading to Zoci Dose Reduction 0 2 (6.1) 2 (4.7) Related to Zoci 0 2 (6.1) 2 (4.7) Leading to Zoci Drug Discontinuation 1 (10.0) 0 1 (2.3) Related to Zoci 1 (10.0) 0 1 (2.3) 9.1% Grade ≥3 AEs related to Zoci 3.0% ILD/pneumonitis (1/33), Grade 1 0 No deaths No drug discontinuations All 33 patients on 1.6 mg/kg doublet
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1L SCLC Treatment Landscape is Evolving; Zoci is Strategically Well Positioned Abbreviations: immunotherapy (IO), standard of care (SOC ), lurbinectedin (lurbi), T-cell engager (TCE), cytokine release syndrome (CRS), tarlatamab (tarla), progression-free survival (PFS), overall survival (OS), objective response rate (ORR), adverse events (AEs). Sources: (1) Horn, NEJM 2018 (IMpower133); Paz -Ares, Lancet 2019 (CASPIAN). Grade 3/4 AEs for IO + chemo: IMpower133 56.6% (trea tment-related), CASPIAN 62% (all -cause). 9 1 TODAY’S SOC IO + platinum/etoposide ± lurbi maintenance 2 WHERE SOC IS HEADING Tarla maintenance after induction 3 FUTURE OPPORTUNITY Upfront continuous treatment Conceptual vision Induction IO + platinum/etoposide (4 cycles) Maintenance IO IO + Platinum/ etoposide + lurbi + IO maintenance for eligible non -progressors Published benchmarks 1 IO + chemo (IMpower133 / CASPIAN): ORR: 60–68% mPFS: 5.1–5.2 mo mOS: 12.3–12.9 mo Grade 3/4 AEs: ~57–62% Induction durvalumab + platinum/etoposide (4 cycles) Maintenance tarla + durvalumab Durvalumab + Platinum/ etoposide Key limitations / friction Some patients progress before maintenance (20-30% patients progressed during induction)1 Access, site readiness and patient preference may limit uptake zoci + IO + TCE Treat continuously until progression No separate induction / maintenance phases Potential strategic benefits Reach patients earlier Avoids attrition between induction and maintenance Chemotherapy-sparing, continuous regimen Positions zoci as a backbone ADC for next- generation combinations TCE-related CRS / neurotoxicity monitoring TRIPLET + DOUBLET Durvalumab + Tarla (TCE) + for eligible non -progressors Zocilurtatug pelitecan
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Amgen and BI to sponsor and lead global Phase 1b and 1b/2 studies, respectively; Zai Lab will supply study drug Zai Lab continues to pursue additional combination approaches Zoci + DLL3 TCE: Two Global Studies Building toward 1L Triplet in SCLC and NEC Dose exploration Dose expansion 1L ES-SCLC triplet ST AG E Zoci + IMDELLTRA® (tarlatamab) DeLLphi-313 · Global Phase 1b · patients with ES -SCLC Part 1 2L+ SCLC Zoci (multiple doses) + tarlatamab Part 2 2L / 2L+ SCLC Zoci (RP2D) + tarlatamab Part 3 1L ES-SCLC Zoci (RP2D) + tarlatamab + durvalumab Zoci + obrixtamig Global Phase 1b/2 · patients with poorly differentiated NEC Part 1 Poorly differentiated NECs Zoci (multiple doses) + obrixtamig Part 2 1L ES-SCLC Zoci (RP2D) + obrixtamig + atezolizumab Amgen 10 Zocilurtatug pelitecan
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epNEC: Expanding Zoci’s Reach with Pivotal Data in 1H’27 11 Global pipeline Source: Zai Lab 2026 AACR presentation, April 2026. Abbreviations: extrapulmonary neuroendocrine carcinomas ( epNECs), FOLFIRI (irinotecan, calcium folinate or levofolinate, fluorouracil, Q2W). Note: (1) McNamara 2020 Therapeutic advances in Medical Oncology; (2) evaluating zoci monotherapy in patients with epNEC whose disease has not progressed following first -line platinum-based chemotherapy. Zocilurtatug pelitecan Unmet Medical Needs in epNECs Etoposide + carboplatin/cisplatin Chemo (FOLFIRI or mono chemo)1 ORR ~20%; mPFS 2-3 months; mOS ~6 months ORR 41-67%; mPFS ~6 months; mOS <12 months • Chemotherapy as standard of care with limited responses after progression and high toxicities • No DLL3 targeted therapies approved despite high DLL3 expression 1L 2L 2026 AACR Update in 2L+ NECs • Meaningful Clinical Responses: 38.2% overall confirmed ORR (13/34) across study cohorts – Target tumor reductions were observed across multiple epNECs tumor types • Manageable Safety Profile: Grade ≥3 TRAEs in 15.2% of patients in Phase 1b Key Next Steps • Topline data of potentially registrational 2L epNECs expansion cohort expected in 1H’27, followed by a subsequent U.S. accelerated approval submission
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Advancing Zoci across Multiple Indications and Treatment Settings Indication Line Regimen Phase Development Status Total Addressable Population ES-SCLC epNEC 2L+ Zoci monotherapy Phase 3 Phase 3 ongoing 1L Zoci + PD-L1 Phase 1 ongoing; Phase 3 in planning 1L+ Zoci + TCE ± PD-L1 Phase 1b Phase 1b ongoing 2L+ Zoci monotherapy Registrational cohort fully enrolled 1L+ Zoci + TCE ± PD-L1 Phase 1b/2 initiating ~150K 1L ES-SCLC1 ~200K ~100K Other exploratory indications: LS -SCLC, brain tumor, LCNEC Phase 3 Phase 1 Phase 1b Phase 1/2 Phase 1b/2 2L+ ES-SCLC1 epNEC2 Abbreviations: extensive -stage small cell lung cancer (ES -SCLC), limited-stage small cell lung cancer (LS -SCLC), large cell neuroendocrine carcinoma (LCNEC), extrapulmonary neuroendocrine carcinoma ( epNEC), T-cell engager (TCE). Source: EvaluatePharma. Notes: (1) The drug -treated population for first -line extensive-stage small cell lung cancer (1L ES -SCLC) in major markets (U.S. , EU5, Japan, China) is estimated at ~200,000 in 2024, with approximately 75% of these patients relapsing and proceeding to second -line or later treatments; (2) The estimated incidence of NECs (excluding SCLC) in major markets (U.S., EU5, Japan, China). Zocilurtatug pelitecan
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ZL-1503: Clear Unmet Need Creates Opportunity for Next-generation Biologics in Atopic Dermatitis (AD) 13 ZL-1503 204M Estimated Global AD Prevalence1 Market Opportunity ~50% Report severe pruritus (VAS ≥7)3 ~40% Remain inadequately controlled on current AD biologics 6-26 Injections required per year for current biologics Large and Growing Global AD Market2 >$15B 2025 >$30B 2030E 2x Growth ~15% CAGR driven by novel biologics Dupixent Other Novel Biologics Rapid Itch Relief Long-Acting Nemolizumab reached 9% new AD patient share in the US4; peak sales revised upward to >$4B5 AbbVie acquired Apogee for >$10B6 Notes: (1) AD affects 101 million adults and 103 million children worldwide (The British Journal of Dermatology 2024; 190: 55 -61); (2) global AD biologics market estimates by EvaluatePharma; (3) Silverberg JI, Mohawk JA, Cirulli J, Nograles K, Punzalan JC, Kelly KM, Kim BS, Guttman -Yassky E, Lebwohl M. Burden of Disease and Unmet Needs in Atopic D ermatitis: Results From a Patient Survey. Dermatitis. 2023;34(2):135 -144.; (4) Galderma's 3Q 2026 sales announcement, the rolling share for paid new patient starts (NBRx) from the first week of September to the second week of October 2026 was ~9% in AD; (5) In March 2026, Galderma significantly raised its peak annual sales estimate for Nemluvio (nemolizumab) to more than $4 billion, doubling its previous projection; ( 6) AbbVie has acquired all outstanding Apogee common stock for $135.11 per share in cash, for a total equity value of approximately $10.9 billion. Market Opportunity Market OpportunityCurrent Unmet Needs
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ZL-1503: The ‘Itch-scratch-inflammation’ Cycle in AD Itching Scratching Disturbed Skin Barrier Function Penetration of Allergens & Irritants Inflammation Anti-IL-31Rα Anti-IL-13 Itch Scratch Cycle Overview Source: Nature Reviews Drug Discovery 2022; 21: 21 –40 ; Allergy 2020; 1: 54-62 ; Expert Review of Clinical Immunology 2021; 17: 835 -852 Type 2 Inflammation Pathways ZL-1503
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ZL-1503: A Highly Differentiated Bispecific Targeting IL-13 and IL-31Rα Improved Clinical Responses Potent inhibition of IL-13-induced STAT6 signaling (reporter cell assay) Strong lesion control (e.g. EASI, IGA) Rapid & Durable Itch Control Rapid itch suppression and sustained for up to 133 days through IL-31Rα Less frequent dosing YTE-modifications to extend half-life NHP half-life of 28 days Potential Advantages of ZL-1503 Attribute Dupilumab (IL-4Ra) Nemolizumab (IL-31Ra) Lebrikizumab (IL-13) Upadacitinib (JAK) ZL-1503 (IL13/IL-31Ra)1 Lesion Control (EASI-75) Excellent (48%) Fair (42-44%) Excellent (55%) Superior (60-70%) Excellent Itch Relief Speed Fair (>2 wks) Superior (Day 2) Fair Superior (Day 2) Superior Dosing Convenience Poor (Q2W) Good (Q4W-Q8W) Good (Q4W-Q8W) Good (daily oral) Superior Safety Excellent Excellent Excellent Poor (Boxed Warning) Excellent A potential best-in-class bispecific designed to reduce itch and inflammation with less frequent dosing 15 Notes: (1) ZL-1503 target product profile. ZL-1503
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ZL-1503: First-in-Human data in November 2026 and AD patient data in 1H'27 Population: Healthy volunteers (SAD) and atopic dermatitis patients (MAD) N~100 November 2026 First-in-human data from SAD portion 2027 Phase 2 initiation Key Upcoming MilestonesGlobal Phase 1/1b Trial Design Part A (SAD) Healthy volunteers, 4 dose cohorts ENROLLMENT COMPLETED Part B (MAD) Moderate-to-severe AD patients, 2 dose cohorts CURRENTLY ENROLLING 1H 2027 Initial data from MAD portion in AD patients 2028+ Potential expansion: prurigo nodularis and other Rapid execution from first-in-human dosing to AD patient data positions ZL -1503 for Phase 2 in 2027 16 ZL-1503
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Broadening the Pipeline: Three Global Assets in the Clinic by 1H’27 Abbreviation: Gastric cancer / gastroesophageal junction (GC/GEJ) Note: *Sarcoma and potentially other LRRC15 -positive solid tumors. Source: 2025 AACR, 2026 AACR, Zai Lab posters. 17 Other Global Pipeline • An appealing ADC target as LRRC15 is overexpressed in certain solid tumors* • High-affinity, specific binding • Potent bystander effect against LRRC15-negative tumor cells • Well-tolerated safety profile • PD-1 targeting, next-generation IL-12 immunocytokine • PD-1 targeting enhances the antitumor activity • Potency-reduced IL-12 improves safety profile potentially by reducing NK cell activation Key Next Steps Provide topline resultsfrom the dose escalation portion in 1H’27 Key Next Steps Submit an IND application in the U.S. and initiate a global Phase 1 study in 2027 ZL-1222 (PD-1/IL-12) ZL-6201 (LRRC15 ADC) B: Silent IgG1 Fc with half-life extension modification • MUC17 overexpressed in more than 50% of GC/GEJ patients • Strong anti-tumor properties • Minimal cytokine release syndrome Key Next Steps Submit an IND application in the U.S. by YE’26 and initiate a global Phase 1 study in 1H’27 ZL-1311 (MUC17/CD3) Key Next Steps Key Next Steps Key Next Steps
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Potential Near-Term Launches Indications PoC Pivotal Regulatory Next Update Market Opportunity in China2 OMG Potential Submission （2027) 44k Myositis Potential Submission (2027) 170k Povetacicept IgAN Potential Submission 3-5m patients; >750k diagnosed with biopsy pMN Accelerate Enrollment 1 ～2mn Elegrobart Thyroid Eye Disease China Data Readout (2027)) 2-3m patients; 760k moderate -to-severe Cervical Cancer Commercial Launch (2027) 110k Positive Phase 3 results Positive interim results Approved in Jun’26 Positive Phase 3 results Key Commercial Products Key Near-term Regional Launches to Drive Steady Growth Strongly Positioned to Leverage the Evolving China Market Increasing transparency and predictability in NRDL adjustments Expansion of supplemental health insurance Pilot launch of “National Commercial Health Insurance Innovative Drug List”3 Biopharmaceutical industry designated as a pillar industry4 Optimize formation mechanism for drug prices5 Positive readouts in global studies Notes: (1) Zai Lab partner Vertex has completed enrollment in the Phase 2 portion of the global pivotal Phase 2/3 OLYMPUS study and has initiated the Phase 3 portion. Zai Lab participated in the global study in Greater China; (2) Zai Lab analysis and market research; (3) first introduction in 2025 and effective from Jan 1 st, 2026; (4) China‘s 15th Five-Year Plan (2026–2030), a national socioeconomic development blueprint guiding policy priorities and industrial strategy across a five -year cycle; (5) The State Council Office issued Document No. 9, "Several Opinions of the General Office of the State Council on Improving the Drug Pricing Formation Mechanism" (国办发〔2026〕9号) issued in April 2026. In the case of high-level innovative drugs with a high degree of innovation and significant clinical value, their prices at the early stage of market entry should reflect the high R&D investment and high risk involved, and remain relatively stable for a certain period of time, according to the guide lines. 18 Regional Assets KarXT
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75% of patients medication before 18 months KarXT– Potential to Redefine Schizophrenia Treatment First National-Level Consensus Targeting Negative Symptoms to Cite X/T Evidence Unmet Needs in Schizophrenia Care in China 8Mn Adult patients with schizophrenia1 >70yrs No other novel agents approved Inclusion in China Schizophrenia Guidelines Key 2026 Priorities Abbreviation: National Medical Products Administration (NMPA). Notes: (1) Prevalence of mental disorders in China: a cross -sectional epidemiological study. The Lancet Psychiatry, 2019; (2) Zai Lab Schizophrenia 2025 Market Research study; (3) China schizophrenia treatment guideline (version 2), May 2015. KarXT of patients discontinue treatment in 18 mos3 >70% of patients had negative symptoms which are poorly controlled2 ~75% NMPA Approval Efficient approach for launch in a concentrated market Commercial efforts to accelerate Awareness, Adoption, and Access Prepare for 2027 NRDL listing and accelerate local manufacturing First inclusion of KarXT in national treatment guidelines globally No black-box warning Achievements 19 Inclusion in Chinese Expert Consensus on Management of Negative Symptoms First national-level consensus targeting negative symptoms to cite KarXT evidence
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Q3 2026 – Financial Performance 20 $106.3M $108.2M +2% QoQ 3Q’26 2Q’26 Product revenue, net 107.6 105.8 1.7% ZEJULA 32.3 32.1 0.6% VYVGART / VYVGART Hytrulo 24.1 23.9 0.8% NUZYRA 21.1 17.1 23.4% QINLOCK 8.8 9.5 (7.4%) OPTUNE 7.8 12.2 (36.1%) XACDURO 8.4 8.0 5.0% AUGTYRO 2.8 2.2 27.3% KarXT 2.0 0.6 233.3% Other1 0.3 0.2 50.0% Collaboration revenue 0.6 0.5 20.0% Total revenues 108.2 106.3 1.8% R E V E N U EB Y P R O D U C T $M 3Q’26 2Q’26 QoQ Positioned for a return to meaningful growth in 2027 as patient access expands for key products TOTAL REVENUE Note: (1) Other includes product candidates sold in patient programs prior to commercialization.
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Upcoming Catalysts in 2026 / 2027 21 Asset Key Catalysts 4Q’26 1H’27 2H’27 Zoci (DLL3 ADC) Data Data from global phase 1 on combo regimens (Zoci + atezolizumab +/- chemo) in 1L SCLC Data Data from the potentially registrational cohort in 2L epNECs Clinical dev Potential interim analysis of the global Phase 3 DLLEVATE study in 2L+ SCLC Clinical dev Initiate the global Phase 3 study for Zoci + PD-L1 in 1L SCLC Regulatory Potential first U.S. BLA submission ZL-1503 (IL13/IL31Rα) Data Data from the SAD portion of global Phase 1/1b study in healthy volunteers Data Data from the MAD portion of global Phase 1/1b study in AD patients ZL-6201 (LRRC15 ADC) Data Data from the global Phase 1a/b study in sarcoma and selected tumors Efgartigimod Regulatory Potential China sBLA submission in Myositis Regulatory Potential China sBLA submission in Seronegative gMG Regulatory Potential China sBLA submission in Ocular MG Clinical dev Initiate enrollment in the global Phase 3 VitaliThy study in Graves’ Disease in Greater China Elegrobart (IGF-1R, SC) Data Data from the China Phase 3 registrational study ZL-1222 (PD1xIL12) Clinical dev Submit an IND application in the U.S. and i nitiate a global Phase 1 study ZL-1311 (MUC17xCD3) Clinical dev Submit an IND application in the U.S. Clinical dev Initiate a global Phase 1 study 2026 / 2027 Catalysts
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Appendix
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Zai Lab is Turning into A Global Biotech with Growing Global Pipeline 23 Mod-Severe AD Solid Tumors Solid Tumors Solid Tumors Solid Tumors Complete registration-enabling studies by end of 2026 Submit US IND application by end of 2026 First-in-human (FIH) data in H2 2026 Program Lead Identification IND-Enabling PoC (Phase I/II) Phase III Zoci (ZL-1310) (DLL3 ADC) ZL-6201 (LRRC15 ADC) ZL-1311 (MUC17/CD3) ZL-1222 (PD-1/IL-12) ZL-1503 (IL13/IL31Rα) Amgen 2L+ SCLC (Zoci monotherapy) SCLC (Zoci + tarlatamab ± PD-L1) SCLC & epNECs (Zoci + obrixtamig ± PD-L1) Sarcoma and Others* Solid Tumors Mod-Severe Atopic Dermatitis epNECs 1L SCLC (Zoci + PD-L1) Solid Tumors Note: (1) Completed enrollment in zoci’s potentially registrational 2L epNECsexpansion cohort, with data expected in 1H’27 followed by a subsequent U.S. accelerated approval submission. *Sarcoma and potentially other LRRC15 -positive solid tumors, such as breast cancer and other malignancies. (Zoci monotherapy)2L+ epNECs1 9 Commercialized Products 3 Products in Global Clinical Development by YE’26 3 Near-term Launches TIVDAK Povetacicept Elegrobart Company Overview
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Zai Lab Evolution: The Next Decade of Global Innovation 2020 2025 2030 >$460m* China Revenue 8 Commercial products (China) Commercially Profitable Zoci Approved in US Geographical Revenue Mix China, U.S., and ROW At least 6 global Ph 3 trials ongoing Global revenues with Zoci approval Increasing margins with scale 11+ Commercial products (global) Established in-licensing leadership A scalable China commercial engine Strong R&D capabilities with MNC standards Dual gateway partner of choice Commercial profitability reached Mature global R&D capabilities; Zoci now in pivotal stage Strengthened the China Platform Commercial Profitability & Mature Global R&D Capabilities Global Biopharma Leader Leveraging China Platform 0% Ex-China Revenues Corporate-level Profitability $49m China Revenue 0% Ex-China Revenues 4 Commercial products (China) Commercial Loss Note: * Zai Lab total revenue for the full year 2025 as updated in the fourth quarter 2025 earnings release. 2014 Founded as a Gateway to China 24